Good points. Our regulators have always had the problem of jurisdiction with non-bank payment providers. But, if/when we see these new payment types taking on a more meaningful market share such that the risks to these systems pose a risk to the US payment system, I think we'll see more pressure for these new payment systems to be more tightly regulated by the banking regulators.

I know that here in the US some states are beginning to introduce their own cyber security regulations, since any kind of national cyber security legislation is stalled in Washington right now. But it's important to think of this as an international problem as this articl illustrates. And different governments and law enforcement agencies are going to have to work together across jurisdictions if they're going to really protect people.

Since payments is where a lot of bank disintermediation is occurring (or expected to occur) it will be interesting to see how these non-bank/traditional players respond to threats like Boleto and others that are sure to follow. Thanks for this update, George. Do you expect to see regulators address these kinds of threats in any way, and do you think they will be turning their attention to the non-bank players entering the space (perhaps making it less attractive to them?)?